BMNR Stock Soars as Ethereum Holdings Top $15 Billion

Bitmine Immersion Technologies Inc., trading as BMNR, has seen its stock surge by 4.89% after reporting massive Ethereum holdings and staking revenues.

The company holds around $14.9, $15.8 billion in crypto, cash, and moonshot assets, anchored by about 5.8-5.9 million ETH, or 4.8-4.9% of the total Ethereum supply.

BMNR has staked over 5 million ETH via its MAVAN platform, pointing to projected annualized staking revenues of $330M, $386M and cementing its role as a large-scale Ethereum yield play.

The stock's price has jumped by 99% quarter-to-date and is now part of the Russell 1000. Analysts at B. Riley and Cantor Fitzgerald have raised their BMNR price targets, to $30 and $63.60 respectively, citing improving crypto momentum and upside tied to Ethereum's next cycle.